Money News

Recession is ending 'faster than expected'

The UK is moving out of the recession at a faster rate than previously predicted, according to one economist.

Michael Baxter from Defaqto has said that evidence collated in recent months suggests that the UK is emerging from the recession "much quicker than we thought it was going to".

One point of optimism when it comes to recovery "is the low value of the pound and that could provide the means by which we can get out of recession," the expert explained.

However, Mr Baxter continued that whether a relapse will occur and we will "go back into recession at a later date remains to be seen".

The economist was responding to data from the Organisation for Economic Co-operation and Development, which showed that the rate of economic deterioration in countries such as Canada, Italy, the UK and France appears to be slowing.